The salary you need to afford Hyundai’s new 7-seater SUV in South Africa

Motorists will need to earn at least R136,000 per month to afford Hyundai’s new seven-seater SUV, provided they opt for a finance plan with no deposit.

The Korean automaker recently launched the next-gen Santa Fe, which is available in a single Elite specification with prices starting at R1,249,900.

The Santa Fe bears the distinction of being the carmaker’s first hybrid model in South Africa, combining a 1.6-litre turbocharged petrol engine with an electric motor.

The electric motor produces 44kW and 264Nm on its own, and is powered by a 49kWh battery.

The petrol engine can put out 132kW and 265Nm, but the two power sources combine to generate a substantial 175kW and 367Nm.

Gear changes are handled by a six-speed automatic gearbox, which connects to an active on-demand all-wheel-drive system.

The hybrid underpinnings help to improve the SUV’s efficiency at low to medium speeds, resulting in a reasonable fuel consumption of 7.5l/100km.

It also comes with  three driving modes for Eco, Sport and My Drive (Custom), and regenerative brakes that top up the battery.

Furthermore, there are three terrain settings for Sand, Mud, and Snow.

Regarding its design, the next-gen Santa Fe has an entirely new look with blocky proportions, a set of H-shaped LED headlights, 20-inch alloy wheels, and roof rails.

Looking at the interior, there’s a new dual curved display comprised of two 12.3-inch monitors for the driver and infotainment systems.

Equipment on the Hyundai includes keyless entry and start, leather upholstery, heated and ventilated front seats, two wireless charging pads, a dual sunroof, sun shades for the rear windows, a bi-directional centre console that rear passengers can access, dual-zone climate control, a 12-speaker Bose stereo with a subwoofer, and an electric tailgate.

When all three seat rows are up, the Santa Fe’s boot can take 628 litres, but this expands to 711 litres when the rear bench is folded.

Folding down both passenger rows will then open up the boot to take an enormous 1,949 litres.

On top of this, the SUV has a driver assistance package that includes Smart Cruise Control, a surround-view camera, parking sensors, lane-keep assist, lane-follow assist, tyre pressure monitoring, forward collision avoidance, blind-spot monitoring, rear cross-traffic alert, high beam assist, and a safe exit warning for passengers.

Each purchase comes with a 5-year/150,000km warranty, an additional 2-year/50,000km powertrain warranty, a 6-year/90,000km service plan, and an 8-year/160,000km hybrid battery warranty.

What you need to earn

We can use the following formula to work out the monthly payments on the new Hyundai:

• Car price – R1,249,900
• Payment term – 60 terms (5 years)
• Interest – 10.75%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R27,115 per month for the hybrid SUV.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

This means you’ll need to earn at least R135,577 per month to afford the new Santa Fe on a finance plan.

Note that this figure does not account for insurance, fuel, and maintenance, which must all be factored into your budget.